Software services and solutions provider Sasken Communication Technologies today said it will hold a meeting of its shareholders and creditors this month to seek their approval for the restructuring plan of the company.
The company will hold separate meetings of its equity shareholders and unsecured creditors on March 28 to consider the scheme of arrangement, Sasken Communication said in a filing to the Bombay Stock Exchange.
Under the scheme, Sasken proposes to undertake a financial restructuring exercise whereby the company would create a "Business Restructuring Reserve" from its securities premium account up to a maximum of 50 per cent of the available balance.
The reserve would be utilised to adjust the restructuring expenses, write off the infructuous assets, diminution in value of investments or impairment of assets and to create a provision for future extraordinary costs, it further said.
Shares of Sasken Communication today settled at Rs 45.25, down 0.77 per cent on the BSE.